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Originally Posted by jswintberg
We just recently used BOA (US Trust) and they bent over backwards to meet all needs. Their rate was .25 lower than Citizens and the fees were less. Citizens also has a debt to income ratio and required me to take an $8,000/month IRA distribution to meet the ratio since we do not have any income at this moment. BOA has no such requirement. We ducked the scare tactics to use Citizens and are grateful to BOA.
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A thinking consumer would applaud Citizens for having a debt-to-income ratio to meet!
WE taxpayers have to pay for the $20 billion in bailout money that Bank of America finagled and got, because of their mortgage lending to unqualified buyers!
"The U.S. government early Friday morning agreed to invest $20 billion in Bank of America, and to protect the bank against up to $118 billion in potential losses from bank assets related to risky mortgage loans."
Bank of America getting extra $20B in bailout funds - ABC News
We used Citizens to buy two homes here, and we'll use them again. They are invested in this community's future housing market and won't be going with tin cup in hand to Congress for a taxpayer bailout. They make sure they lend to people who can repay.
